How Much Do Car Accident Injuries Really Cost?

If you’ve recently been injured in a car or truck accident in New Jersey, you may be able to guess that the costs from your accident will be high. As a result of concern over mounting expenses, you may be inclined to accept a quick settlement offer from an insurer or directly from the party responsible for your injuries. Before doing so, learn more about the value of your claims to ensure that you don’t settle for less than you’ll need to cover all your accident-related expenses.

Consider the comprehensive cost of your accident

When you’re hurt in an accident, make sure you’ve considered the complete costs of an accident before agreeing to release your claims. Not only are there high costs from property damage and hospital visits, but the full cost of an accident also includes time off work, lifelong changes in earning capacity, and the long-term costs of rehabilitation or permanent injuries. According to a study of motor vehicle accidents conducted by the National Safety Council, even where an accident resulted in non-disabling injuries such that the victim was able to return to their normal activities the following day, the economic cost of an accident reached an average of $25,600. This includes only the directly-measurable costs of an accident, such as medical expenses, property damage, and lost wages. The Council also examined so-called “comprehensive” costs of an accident, which encompasses economic as well as lost quality of life expenses. In an accident where the victim incurred a permanent injury or experienced at least one day of being unable to participate in their normal activities, the comprehensive costs were found to reach $1,082,000.

Rushing to settlement may not pay off

After an accident, you may receive an immediate offer to settle in exchange for a release of your claims from either the at-fault driver or their insurer. An early offer to settle may sound like the fastest and best way to get the money you’ll need to pay your bills after an accident. However, these early offers are strategic, since they arrive before you’ve had a chance to calculate how much money you’ll actually need to meet your expenses. Rather than accept the first offer that comes in, speak with an attorney who can offer you a thorough estimate of how much it will cost to get your life back on track after a serious crash, and who can help you recover the full amount you deserve.

If you or your loved one has been hurt in a car accident in New Jersey, ensure that you can recover everything you’ll need to be made whole again after the crash by contacting Wayne’s experienced personal injury attorneys at Massood Law Group for a free consultation on your case, at 844-4MB-HURT.